Tencent Music downgraded to Hold from Buy at Benchmark

Benchmark analyst Fawne Jiang downgraded Tencent Music (TME) to Hold from Buy with no price target While the company delivered “solid” Q4 results, the FY26 outlook “appears increasingly uncertain” as the firm anticipates intensifying competition to weigh on subscription growth, while rapid shifts in content creation and consumption, accelerated by AI adoption, introduce “new structural challenges,” the analyst tells investors.